BITCOIN has a new rival as cryptocurrencies plummet in value since the start of the year, but one has bucked the trend and grown by almost 30 percent.

VeChain is priced at $2.70 as of 8pm GMT on April 10, and stands as the 17th largest crypto based on market cap. Much of its success has come following attention-grabbing headlines of partnerships with a variety of companies.

Several industries including luxury goods, agriculture, logistics, food and governments are already using VeChain blockchain technology.

It is the first blockchain-based security platform to come out of China.

The VeChain Foundation, the company behind the cryptocurrency, has this year rebranded and renamed the crypto VeChain Thor.

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The VeChain Foundation said: “This apotheosis is not a day, a logo, or an economic model but rather it is a full revamp from a private blockchain to a qualified decentralized application platform servicing public applications, on a decentralized ledger, capable of evolving how the world defines business ecosystems.”

VeChain Thor uses a mix of blockchain and a chip technology to track luxury goods and confirm that they're not counterfeit.

Tim Draper, well known Silicon Valley investor has also backed the cryptocurrency. Mr Draper has invested in Skype, Tesla and bitcoin before turning his attention to VeChain.

Last month, VeChain Foundation tweeted: “We see eye to eye with our investor, Tim Draper regarding the future of cryptocurrencies and use of blockchain solutions.”

Mr Draper has been a vocal backer of the cryptocurrency for some time now and said recently: "“In five years you’re going to walk in and try to pay fiat [a government-backed currency] for a Starbucks coffee, and the barista is going to laugh at you."

Investors believe the corporate ties the cryptocurrency has made have boosted prices.

Derek Kim, head of research at BK Capital Management, said: “They have a really good way of marketing their relationships with companies they're developing products for. The big catalyst for token price appreciation is company relationships.”

VeChain’s price structure has prevented the sell off numerous other cryptocurrencies have experienced. In January, it was announced that those who hold the virtual currency for a longer period of time will receive more rewards and voting rights.

Mr Kim said: "That structure makes token holder base a bit more sticky. They have to lock up tokens within the structure, which takes supply and selling pressure and protected them from the sell-off."